Fiduciary Fact or Fiction The rules that govern the behavior of retirement plan fiduciaries are quite complex. Any time we are required to deal with complicated subject matter, things can get confusing, potentially leading to decisions based on a misunderstanding. In this issue, we will try to clear up some common misconceptions that we…
DetailsThe Final Fee Disclosure Regulations Have Arrived Nearly five years in the making, the Department of Labor (DOL) has published its long-awaited plan sponsor fee disclosure regulations under ERISA section 408(b)(2). With these new regulations taking effect on July 1, 2012, plan sponsors and service providers alike will be scrambling to prepare. Why is…
DetailsAt Your Service February 2012 Newsletter One of the most fundamental requirements in managing a qualified retirement plan is counting an employee’s length of service. It is the basis for determining such items as plan eligibility, entitlement to company contributions, vesting and even retirement itself. Although this seems like a straightforward task, the rules are…
DetailsIncreasing 401(k) Plan Participation Cash or deferred retirement plans, more commonly referred to as 401(k) plans, have become the backbone of the private pension system in America. They long ago replaced employer-sponsored pension plans as the most common vehicle for retirement savings. These plans, which are primarily funded by employee contributions, typically give employees…
DetailsParticipant Fee Disclosure Requirements for Individual Account Plans October 2011 Newsletter Last year the Department of Labor (DOL) issued final regulations requiring broad disclosures of fees, expenses and certain other plan and investment-related information to participants and beneficiaries under individual account plans. The purpose of the new disclosure requirements is to ensure participants and beneficiaries…
DetailsShould They Stay or Should They Go: Dealing with Terminated Participants August 2011 Newsletter Sooner or later, every retirement plan will have to deal with participants who have terminated employment but still have balances in the plan. In most circumstances, the plan document provides guidance on how to proceed; however, there are a number of factors…
DetailsFiduciary Liability for Participant-Directed Plans June 2011 Newsletter It seems that every month there are new stories in the financial press about participants suing their employers for mismanagement of the company 401(k) plan. While most of these suits have been directed at larger companies, the increasing frequency has employers of all sizes looking for ways…
DetailsDon’t let the QDRO be Worse than the Marriage April 2011 Newsletter Very few employers have any desire to get caught in the middle of the divorce proceedings of their employees; however, when company retirement benefits become part of the negotiations, unsuspecting employers can be pulled into the fray. One of the foundational rules for…
DetailsDo You Know Who Your Employees Are? February 2011 Newsletter USA Today recently ran an article describing how many companies are using alternative work arrangements to meet staffing needs during the economic recovery. Such arrangements may include use of leased employees, independent contractors or part-time/seasonal workers, all of which are commonly referred to as contingent workers.…
DetailsCash Balance Plans 101 January 2011 Newsletter Cash balance plans have enjoyed a recent resurgence in popularity. However, these plans, which can provide tax-deductible benefits as much as five times greater than 401(k) profit sharing plans, have actually existed for more than 30 years. When the Pension Protection Act of 2006 (PPA) resolved much of…
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